Published on 11/26/2024 at 4:58 p.m.
(Boursier.com) — Oil prices rose slightly this Tuesday with a barrel of Brent from the North Sea gaining 1.1% to $73.8 in London. The main OPEC+ countries have started discussions to once again delay the planned increase in their black gold production from January, potentially by several months, according to delegates cited by ‘Bloomberg’. The cartel members doubt whether they will be able to increase their production, as agreed so far, by 180,000 barrels per day in January, given the signs of oversupply globally. The entire OPEC+ is due to meet online on December 1 to discuss its strategy. The market mainly anticipates a further postponement of the OPEC+ plan, potentially until the second quarter, according to a survey carried out by ‘Bloomberg’ last week.
On Tuesday, Saudi Energy Minister Prince Abdulaziz bin Salman met with Russian Deputy Prime Minister Alexander Novak and Iraqi Prime Minister Mohammed Shia Al-Sudani in Baghdad, where they discussed stability of the oil market, according to a press release from the Iraqi Prime Minister’s office mentioned by the agency. Iraq once again stressed its “seriousness and determination to fully comply with the agreement,” according to a statement from the Saudi National Press Agency. Iraq, like Russia and Kazakhstan, has struggled to implement its share of the cuts promised at the start of the year, or to propose additional restrictions to compensate for their initial overproduction, recalls ‘Bloomberg’.
